Bybit
Dubai-based cryptocurrency exchange
From Wikipedia, the free encyclopedia
Bybit Fintech Limited, known as Bybit, is a Dubai based cryptocurrency exchange. The platform has faced regulatory warnings in several jurisdictions.[1][2][3]
| Type | Cryptocurrency exchange |
|---|---|
| Location | Dubai, United Arab Emirates |
| Founded | 2018 |
| Key people | Ben Zhou (CEO) |
| Website | bybit |
In February 2025, the exchange was hacked resulting in the loss of $1.5 billion in assets, marking the largest cryptocurrency theft on record.[4][5][6][7]
History
Bybit was founded in 2018 by Singaporean entrepreneur Ben Zhou, who currently serves as CEO. In 2022, the company relocated its headquarters from Singapore to Dubai, United Arab Emirates.[8][7][9]
In November 2023, the FTX bankruptcy estate sued Bybit for nearly $1 billion.[10] It alleged that Bybit's investment arm Mirana prioritized withdrawals from FTX in November 2022 amid concerns about its solvency and withdrew nearly $500 million before withdrawals stopped.[10] The suit claimed that Bybit used FTX assets to expedite withdrawals, blocked FTX from reclaiming $125 million, and devalued tokens worth tens of millions through BitDAO.[10] FTX also contended that a token swap with Alameda Research in October 2021 was reversed in May 2023, when BitDAO restructured tokens, limiting redemption rights.[10] In October 2024, Bybit settled its FTX case by paying $228 million.[11]
2025 hack
On February 21, 2025, Bybit announced on X that it had been hacked.[4] According to Bybit, about 400,000 Ethereum was stolen,[12][13] which had an approximate notional value of $1.4 billion, making it the largest cryptocurrency exchange hack to date.[4] The firm reported that it was able to replenish its reserves within 72 hours by securing 447,000 ether tokens through emergency funding efforts.[14] The liquidity was provided by firms including Galaxy Digital, FalconX and Wintermute.[14]
The attacker exploited vulnerabilities in Bybit's multi-signature wallet system, facilitated by compromised infrastructure at Safe{Wallet}, a third-party provider.[15]
Blockchain analytics firms Arkham Intelligence and Elliptic claimed they were able to trace the hack to Lazarus Group, an advanced persistent threat tied to North Korea.[13][16] The US Federal Bureau of Investigation also attributed the hack to North Korea, blaming "TraderTraitor actors".[17][18]
Sponsorships
In August 2021, Bybit sponsored Ukrainian esports organization Natus Vincere (NAVI) in a three-year deal.[19] Soon after, Bybit signed a similar agreement with Danish esports club Astralis featuring its branding on uniforms.[20][21]
In early 2022, Bybit entered Formula 1 as a sponsor of the Oracle Red Bull Racing team with a multi-year partnership, reportedly worth $150 million over three years.[22] The sponsorship ran through the 2022 to 2023 seasons, and concluded at the end of 2024 by mutual agreement.[23]